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Europe starts confiscating private pension funds (http://washingtonexaminer.com/blogs/beltway-confidential/2011/01/europe-starts-confiscating-private-pension-funds - broken link)
If fiscal austerity becomes a real issue in the U.S. the way that it's been reaching critical mass in Europe -- don't think that U.S. lawmakers regard your either your personal wealth or money they might owe you as sacrosanct. Government has a habit of looking out for itself.
In 2008...
"George Miller (D-California), the chairman of the House Committee on Education and Labor, suggested that 'high-income' earners be no longer allowed to make tax-deferred 401(k) contributions. Miller has since back-pedaled on this notion, and nothing has been put in the form of legislation yet.
It's in their heads to get 401K money. Be aware. The new person to watch out for is Teresa Ghilarducci.
The government told Hungarians on Nov. 24 to move private- pension fund assets to government control or lose their state pension, an ultimatum designed to shift 3 trillion forint ($14.2 billion) of privately managed pension assets.
Final Decision on Bulgaria Pension System Delayed
Bulgaria’s government is expected to announce on Friday whether it will proceed with plans to transfer the pension accounts in nine private funds with total assets of about BGN 500 M to the state in a bid to solve its fiscal woes.
Your links are about pensions, which are defined benefit thus (generally speaking) no real concept of a balance that someone has put in. A 401k is a defined contribution plan, a totally different animal where each person has a balance and has no guarantee of any steady payout later on. The Miller quote has nothing to do with taking 401k money, it was about whether wealthier could defer paying taxes on income that goes into a 401k.
Not saying it isn't impossible the govt could do it, just seems like you are engaging in some fear-mongering with a misleading thread.
Your links are about pensions, which are defined benefit thus (generally speaking) no real concept of a balance that someone has put in. A 401k is a defined contribution plan, a totally different animal where each person has a balance and has no guarantee of any steady payout later on. The Miller quote has nothing to do with taking 401k money, it was about whether wealthier could defer paying taxes on income that goes into a 401k.
Not saying it isn't impossible the govt could do it, just seems like you are engaging in some fear-mongering with a misleading thread.
I'm making reference to the 2008 quote to begin fooling with the 401K, and Europe going after private funds. I assume that since we get tax breaks on 401K money, the government will make some claim that they have a right to seize the money at some point in time.
No fear mongering - I just said to keep an eye on it.
I do not think the idea is that far fetched, our gvt is a starving beast looking to get fed. Some people have that mind set that it is Europe or Greece etc and it does not have nothing to do with the U S. They have no vision to study trends or put their faith in we are the reserve currency of the world. I can see where they would want to get involved and stuff 401K's with treasuries since Uncle Ben can and probally would not buy all of them. And with our mounting debt with no end in sight they are looking for suckers.
I don't think it will happen with a GOP controlled House. However, I do expect there to be a battle over what to do about failing public employee pensions.
They definitely did talk about 401Ks even though it's not their money and they have no authority over that money.
The talk was about how Americans don't want to manage their own retirement money and how the recession cratered many 401k plans and that Americans want someone else to manage their money and just give them an annuity.
And of course who would be the best one to manage Americans retirement money but good ole Uncle Sam. And a bunch of wall street firms were there to pledge to help them help Americans with their retirement money.
2 days of hearings in DC. The transcripts of the 2 days of talks is on the DOL site..happened 9/2010
and was the second follow up to this idea.
DOL "Lifetime Income options for retirement plans"
U.S. Department of Labor publishes agenda for September 14-15 joint hearing on lifetime income options for retirement plans (http://www.dol.gov/ebsa/newsroom/2010/ebsa082610.html - broken link)
Transcript of 2 day meeting:
Lifetime Income Options For Participants And Beneficiaries In Retirement Plans (http://www.dol.gov/ebsa/regs/cmt-1210-AB33.html - broken link)
Now muddled in all that "we have to help Americans with their money" were some special interest groups who thought that special treatment needed to be given to minorities because, well because they are minorities.
I got disgusted as I read the transcript of the meeting..never even made it to day 2 transcript.
I already decided, if they move forward with this..I yank my money out of my 401K.
SS is already dicey and that is money I have put into the system.
But DANG IT, they are not getting my 401K that I babied, maxed out every year, watched over, choose safe investments so I could have a decent retirement income from various sources.
Europe starts confiscating private pension funds (http://washingtonexaminer.com/blogs/beltway-confidential/2011/01/europe-starts-confiscating-private-pension-funds - broken link)
If fiscal austerity becomes a real issue in the U.S. the way that it's been reaching critical mass in Europe -- don't think that U.S. lawmakers regard your either your personal wealth or money they might owe you as sacrosanct. Government has a habit of looking out for itself.
In 2008...
"George Miller (D-California), the chairman of the House Committee on Education and Labor, suggested that 'high-income' earners be no longer allowed to make tax-deferred 401(k) contributions. Miller has since back-pedaled on this notion, and nothing has been put in the form of legislation yet.
It's in their heads to get 401K money. Be aware. The new person to watch out for is Teresa Ghilarducci.
She's the one that put the bug in Congress' ear about "trillions" in 401Ks and how Americans want someone else to manage their money for them.
She has a social agenda that is being financially backed by the Rockefeller Foundation.
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